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Get your taxes done using TurboTax
Here is how to enter your fellowship income in TurboTax:
- Click on Federal in the left-hand column, then on Wages & Income on top of the screen
- Scroll down to Less Common Income section and click Show More
- Click Start next to Miscellaneous Income, 1099-A, 1099-C
- Click Start next to Other income not already reported on a Form W-2 or Form 1099
- Answer Yes on the Other Wages Received screen
- Continue twice past Wages Earned as a Household Employee and Sick or Disability Pay
- Answer Yes on the Any Other Earned Income screen
- Select Other on the Enter Source of Other Earned Income screen
- Enter the appropriate description and amount under the correct individual on the Any Other Earned Income screen.
Source: MinhT
Scholarships, fellowships, and Pell grants received by registered students who are working towards a degree at a college, university, or other accredited educational institution are generally nontaxable as long as the money is used for qualified education expenses.
On the flip side, you can't claim education credits or deduct expenses that were paid with these tax-free funds.
[Edited 3-31-2021|7:02 AM PST]
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March 31, 2021
6:59 AM